Waiting For That Returned Phone Call Seems Like an Eternity When You Are Worried
Don’t let a long-term relationship with a current broker deter you from looking elsewhere. It’s your money and you’re looking for answers, if you’re not pleased with your performance or a broker neglecting you, let us connect you with a proper advisor.
Rest assured there are many brokers out there today that would like to have your business. We always suggest that you compare brokers and when you speak with them ask them the following questions at a minimum:
- How do you get paid?
- What are your brokerage fees?
- Do you have wrap account fees?
- Are you limited to selling only variable annuities? (variable annuities usually have many extra fees)
- Do you sell proprietary investments or require to sell them in the portfolios that you own?
Connect With a Proper Broker
The brokerage business and wealth management professions have become very competitive today. Oftentimes lesser-known firms, without the big brand names, can offer a greater variety of products and services at much lower cost.
We can connect you with a broker that is properly licensed. All the brokers and firms we refer have over 25 years of experience and can work with you in any state you reside in.
Just provide us a little bit of information about yourself by clicking here. Tell us what you’re looking for and we will locate the proper advisor for you. We will email you who they are and their phone number. We ask that you place their information in your phone book so that when they call you’ll know who they are and that it’s not a robocall so a good connection can be made. If you’re not pleased and would like another option, we can always refer an additional advisor to you that may better meet your needs or feel more compatible with.
Understanding How Financial Advisors Are Paid is Important
Fees for financial planning are not always charged by advisors. Many will provide their services free to you and would then be paid a commission from any product you may purchase. They are still obligated under the Best Interests Rule to place your needs ahead of their own. This “The Best Interest Rule” was recently passed and will take affect this summer of 2020.
We suggest that you ask your advisor how they are paid, what commissions they may receive, what their planning fees are and if there are any ongoing fees they may charge you monthly for oversight or management.
When moving money to tax qualified investments outside of your retirement plan you can choose a financial advisor that works only for you, understands your individual goals, needs and may take on the capacity of a fiduciary overseeing your investments in your best interests. Often your employer’s retirement plan counselor is limited to offering any investing or investment advice leaving you with the job of doing it yourself and you may not be comfortable with that option.
Movement of Money Strategy
TSP and retirement plans available to employees are typically long term and dollar cost averaging growth investing. Once you retire your strategy will need to change form growth to income. To make this change in one movement of money at one time is not always the best choice. Having an outside plan now, while you are still working, will allow you the opportunity to slowly transfer your growth strategy into an income strategy so by the time you do retire you can ease into a stream of income that may better meet your needs.
It’s Easy To Move Your Money From Your Plan
Provided you are age 591/2 or older you may be allowed an in service retirement funds transfer. This will allow you to transfer all or a portion of your retirement plan funds to an outside retirement plans self directed IRA allowing you to take advantage of selecting an annuity to other qualifying alternative investments for your funds today. Many plans offer the ability to phone in your request to transfer money to a new custodian for a tax qualified IRA account. Sometimes its simple paperwork and your financial advisor should be familiar with each of the processes and walk you through them.
You can learn more about the types of annuities that are available by visiting the annuity selection tab on our website.